Bitcoin Sinks Below $77K as ETF Cash Flees and Leverage Gets Wiped

Bitcoin couldn't hold the line. The world's biggest crypto traded around $76,460 on Tuesday, down 2.19% in 24 hours, after slipping beneath the $77,000 mark. Volume hit $26.62 billion and market value sat at $1.54 trillion, per crypto.news market data. Monday's short-lived rally is gone, and the $77,600 zone tested late Sunday now sits overhead.

The exit doors at spot Bitcoin ETFs stayed busy. SoSoValue data shows $398.6 million in net outflows on November 2, with BlackRock's IBIT alone bleeding $405.3 million — more than the entire fund category lost. Fidelity's FBTC pulled in $6.68 million, offsetting a sliver of the damage. The pain peaked Friday, when the funds shed $643.3 million on October 30, their heaviest single-day drain since June.

Institutions aren't just souring on Bitcoin. Ethereum ETFs lost another $140 million on November 2, extending the chill across crypto investment products. The backdrop: the record Binance security breach that hit more than $6.3 billion in assets. Investigators are still tracing the stolen funds, though the exchange says it has replaced most customer assets affected.

Leverage did the rest. According to CoinGlass, roughly $100 million in Bitcoin positions were forcibly closed in 24 hours, with longs taking the worst of it — exchanges auto-closing anyone who ran short on collateral. Solana dropped about 3%, BNB slipped under $700, Ethereum hovered near $2,250 and Hyperliquid's HYPE fell around 5%. The wider market lost 1.92%.

Tech stocks offered no cover. Asian equities slid Tuesday after a down session for U.S. AI and semiconductor names, and investors were in wait-and-see mode as midterm election results rolled in. On the chart, Bitcoin keeps printing lower highs and lower lows. The RSI sat at 34.26, under its 41.67 moving average — weak, but not yet oversold. The MACD stayed negative at -1,363.94.

Analyst That Martini Guy flagged $76,400 as the level to watch, warning that a convincing four-hour close below it could open deeper losses. 'I wouldn't be rushing to call a bottom just because BTC is testing support,' he wrote, adding that reclaiming $79,500 would be an early momentum signal. Support lines sit near $76,500, then $75,000 and the 50-week moving average around $75,602, with $74,800 below that. Upside resistance starts near $78,000. Next up for macro watchers: the October jobs report on November 6.